Malayan Colleges Inc., the operator of the Mapua Institute of Technology (MIT) headed by industrialist and diplomat Alfredo Yuchengco, is set to build another tertiary school in Davao, expanding its presence to the southern Philippines.
Malayan Colleges announced on Friday that it has incorporated a new subsidiary, Malayan Colleges Mindanao (A Mapua School), Inc. (MCMI), to operate a new tertiary school in a 2.3-hectare lot it recently bought in Davao.
MCMI will have an authorized capital of P650 million and a paid-up capital amounting to P462.5 million.
“MCMI has acquired a 2.3-hectare property in Davao City, where the new school will be located,” the company said in a statement. “Construction of the school facilities will commence in the first quarter of 2016.”
The company said the new school would start operations in July 2018, offering collegiate/university and graduate courses.”
The new Mapua affiliate is being put up amid the increasing competition in the education sector and also with the implementation of the government’s K-12 program that can potentially reduce applications for tertiary education.
Aside from the MIT colleges in Intramuros, Manila, and Makati City, Malayan is also operating Malayan Colleges Laguna in Cabuyao, Laguna, as well as the Malayan High School of Science in Pandacan, Manila.
Malayan is a subsidiary of investment holding company House of Investments, Inc. through its education and Information Technology arm iPeople Inc.
Other educational institutions are also stepping up their expansion plans.
STI Holdings, Inc. is looking at establishing a school in Southeast Asia by next year, apart from its school openings nationwide.
The Phinma Group, meanwhile, is consolidating all its colleges into an education subsidiary and is also planning to build two to three colleges all over Southeast Asia—mainly looking at Myanmar, Vietnam, and Indonesia, before its planned initial public offering by 2017 at the earliest.